Introduction
Recently there has been a lot of talk about something which people call the "flippening" where people think that Ethereum could end up being worth more than Bitcoin.
This has been prompted at least in part by all the issues with full blocks, rising transaction fees and the growing civil war within the Bitcoin community over the block size issue.
However ethereum has been having it's own scaling issues - anyone who has participated in any of the recent ICOs, or has tried to make any kind of transactions at the same time will have experienced that.
I don't know if a price "flippening" for Bitcoin and Ethereum will happen for sure (personally I find it unlikely). From a functional standpoint ethereum is quite different from bitcoin.
It is much more of a straight currency (when it works as intended) and there is something to be said for simplicity.
I think it is therefore unlikely that ethereum will actually replace bitcoin even if they swap places in terms of valuation.
Given time, I think the main competitor to Bitcoin is Litecoin and this is at least partly due to how similar the two coins are.
(NB. I'm not saying it will - I just think it is a possibility to consider.)
Why Might it Happen?
There are a few reasons people may believe this to be a possibility :
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The Litecoin community is not constantly at war.
Litecoin does not have any scaling issues at present.
Thanks to point 1 it has already upgraded to Segregated Witness and so should be protected against scaling issues for the foreseeable future.
The ability of the LTC community to agree on Segwit also sets a precedent that should bode well for future upgrades - it was not controversial.
Litecoin has block times of 2.5 minutes - four times faster than Bitcoin - that actually makes a huge difference in terms of practical utility.
Charlie Lee (the creator of Litecoin) recently left Coinbase to dedicate his full time to Litecoin.
Litecoin is a useful testing ground for new Bitcoin technology - it is not too much of a stretch for frustrated developers to just shift their focus to LTC if they get tired of the current issues.
Will LTC replace BTC?
Whilst Litecoin has the best chance of doing this I personally do not feel anything will replace Bitcoin.
Don't get me wrong.
Using bitcoin right now is a painful experience particularly when you compare it to newer currencies like Steem, but even compared to Litecoin it is torture.
It is expensive and incredibly slow. If you get the transaction fee wrong then you could end up waiting for days for your transaction to clear - assuming it ever does.
We also have the looming UASF (User Activated Soft Fork) upcoming on August the 1st 2017. This is increasing polarisation within the community and there is fear of what exactly will happen.
Some parts of the community are supporting it, others are vehemently opposing it. There are also alternative options being pushed by mining cartels and other vested interests.
It is natural for people to be uncertain in these circumstances.
Whilst these issues are troubling I think they will be overcome.
I think that once the first scaling agreement/consensus is reached further upgrades and improvements will be easier to accomplish.
Like many things in life the first time can be the most difficult and fear provoking.
Conclusion
In my personal opinion Litecoin will continue to grow but it will not supplant or replace bitcoin.
I may be completely wrong though and I would love to hear other opinions.
In view of this (and since we don't have Steempolls yet) I have created a Twitter poll here:
Please vote on it and also let me know your thoughts in the comments.
Thank you for reading
I like a lot of things about the LTC and always will.
I also feel there is a reason why Charlie Lee the LTC founder (for those reading who may not know about this) --- left his steady paycheck at Coinbase exchange -- to go back to LTC full time.
Less than a week later, (I wrote about this a week or more ago) --- LTC moons and hits YUGE prices on the charts.....
And Charlie is not a dummy.
LTC could change the game that it has been in forever as THE 2nd ever crypto currency.
-- In Charlie I Trust.
I like Litecoin very well. and as you know China and Korea were behind the last biggest rise for LTC.
Personally i am just waiting a little more for a correction in the market to buy some few more. I think LTC wont go below $45 again, because of the high volume on it, furthermore Charlie lee will devote his time to develop it more and more.
concerning LTC vs BTC I dont think there will not be a chance for LTC to beat BTC, unless a split on the Blockchain happens on 1st August. but I think this wont happen. if it happens I am sure people will loose their trust in BTC and shift to other altcoins mainly ETHER, LTC etc....
The only way Litecoin will replace Bitcoin is if we see a split. Who will lead the way on which bitcoin is the better one to use or adopt as a digital currency. If we look at ETH as a test case ETH classic has been left behind with the ICO craze.
Bitcoin should be used for large purchases and Litecoin can and is a game changer for every day fluid purchases.
It will be interesting to see!
You're asking if silver will ever supplant gold.
Both will co-exist but one will be more desirable and valuable than the other.
That is kind of how I see it too.
Not for me.
There's absolutely no reason to compare digital information to gold or silver.
The comparison is subjective, and although I see it too, the reality is not like that at all.
True you can't make anything out of digital information in the same physical way but then again gold and silver are bulky, hard to transport and in some respects more difficult to secure.
I also believe they will keep co-existing. Maybe not as "silver" and "gold", but in some way anyway.
Watching diverse cryptocurrencies evolve and the evolution of blockchain technology will keep being exciting. We are just at the beginning of this stuff.
It could literally change the world.
I think it will!
I agree with you on this, silver and gold are physically different, the differences can be SEEN. Litecoin could very easily replace Bitcoin, or Bitcoin kill off Litecoin all together. There's no need for both to exist.
I read this offline during coffee break
I totally have the same opinion
it may change in the future
but for now BTC is the most accepted crypto currency in the physical market and when those shops in Japan officially start accepting it - it'll be like a hamehamewave :)
but i am not a fortune teller so I don't hold the truth :)
we shall see
Yes definitely.
they already do
)
](
you can go super sian now on Bitcoin :)
Best answer to date!
But there are multiple times in history when silver was overvalued vs gold. China had a silver standard I believe at one point.
I feel it's more like, "we're not sure yet who will be gold and who will be silver." (I mean gold isn't gold because it came first)
All of these are temporary placeholders until this...
I have sent your planet a new transmission. Dennis did something and broke our regular communication method.
You had one job Dennis!!!!
I'd like to see STEEM be the one to take BTC's place :)
Yeah I would too. Very different set of rules but a much bigger market than just 'money!'
That would be awesome. Who knows perhaps one day it could?
STEEM to 1000$
Moon :)
If only we had faster block times LOL!
kidding
(:
Oh mate! I've got a wallet full of Litecoin (my main holdings apart from steem, of course) and your article gives me the courage in hang on tight and ride out the long game!
Another home run posting, @thecryptofiend! Bring on August 1st and the UASF! It'll be very interesting to see the effect it has on Litecoin's price. Will be watching very closely as it happens, that's for sure!
Thanks again and all the best, buddy! :)
Thank you.
I invested a large chunk of my crypto funds into LTC this morning, had an order in for a decent price and got matched when it came down. I'm happy to hold on for the long term also.
I do think LTC will replace BTC, because LTC is better and has been underperforming BTC for far to long:)
Not sure if that is enough for it to replace it though.
I think no. Once SegWit kicks in Bitcoin my prediction is LTC goes down...
@btcmillionaire I agree bitcoin is going no where. The name brings legitimacy to the crypto world due to how long bitcoin has been around and would hurt the space to see it de-throned. Etheruem will do its thing seeing as its a nice alternative but litecoin looks like a testing platform for the future of bitcoin. Just my 0.000007 btc
Agee! Haha I like that last comment! Changing the terminology of phrase From fiat to crypto :)
@btcmillionaire hahaha I was waiting for someone to catch that. I would keep upvoting you but gotta let the steem power recharge so i threw ya a follow. Good luck on the road to becoming a millionaire!
Thanks! I'm upvoting everyone's! In a state of Steem upvote Euphoria! Haha
@btcmillionaire hahah make it rain steem!
If SegWitX2 goes off without issues, and it significantly decreases transaction cost and speed (by at least half, but ideally 5-10x) then I believe BTC makes a major move up and LTC will move down.
We will know who is right on this by the end of August. :)
Maybe even earlier I think late July wcould have the first part of Segwit2x locked in!
Maybe.
We will see litecoin going up in value significantly this summer. After the dust settles with bitcoin/segwit, I imagine LTC will drop again and stagnate until the next bitcoin panic issue. LTC won't ever take over, but will always be there as the emergency backup.
In my opinion, your point is a very good point of view I think. After reading your writing, I decided to buy some litecoin as your post has interested me about the furture of litecoin. Thank you very much for your information which I learn a lot from it!
I like your article a lot my friend but what happens when Bitcoin adopts SegWit? Then Litecoin doesn't look at as appealing.
Perhaps by that time there will be even more useful developments on Litecoin. Hard to say though.
That is true...I think cryptos in general are ALL going up!
Exciting time we are living in :) For me is the bigger question: Will cryptocurrencies replace fiat money? :D
That would be amazing but you are right there are now some problems with BTC.. Let's look what happens in future :) I am invested in every of these 3 coins :P
I think that they could co-exist, and probably should.
I think that fiat money will be replace by fiat crypto. But governments always want their own game.
I COULD see a cryptocurrency becoming a neutral trading currency, rather than using one of the existing so-called "reserve currencies". But the banking cartels which make major money from the trade financing through these currencies will fight this.
Banks will start actively fighting decentralized cryptocurrency when they feel it is a big enough threat. Banks are trying hard to figure out how they can utilize blockchain technology.... BUT without giving up control.
@mvidberg does that mean its a good idea to invest big in ripple?
Maybe, if you like the idea of supporting a centralized blockchain.
I prefer the #dash
Great so you think DASH will replace Bitcoin then?
Yes I believe Dash may replace BTC.
Thanks to the masternode system it's keeping evolving and adapting to the new needs. And I think that with the fast transaction time and the low transaction fee could be an ideal substitute.
And as you may read here it may pass the "Coffee Shop Challenge" https://www.dashforcenews.com/cryptocurrency-coffee-shop-challenge/
I don't think it will but who knows.
Litecoin looks like a solid long term investment... probably one of the few safe haven... the founder is genuinely concern about the future of the project and the market rewarded it when he resign to focus on it. I also think that the Bitstamp affiliation works great for it... its a very slow mover but the last week has seen it jumped from 24 dollars all the way to 51 dollars so that some serious volatility.... long-term as the make improvement and its becomes readily user friendly then its future is great.... quietly and smartly its enter into the US market with coinbase, so lets see how this unfolds.. its one of those I wish could go back to 25 and I can grab 4 for 100USD an hold long term
I never sold any of mine!
Love the LTC! Following.
Good comments here today, I appreciate that.
No prob....I falling in love with LTC... I wish the price could drop some I can get some.... its definitely a solid long term investment
buy what you can! 1/4 is better than none!
If you like please resteem / spread word of the every-weekend #SteemitCampfire on my page starting Friday nights / EST time!!! The Friday Reminder post for the event is up on my page now.
(:
Me too lol. I wish I had a time machine!
hahahaha.... i did a post on it a couple days ago when I realize that the rocket had taken off and I stranded behind....here is it you can have a read https://steemit.com/litecoin/@daudimitch/is-this-the-litecoin-snail-or-rocket-litecoin-to-the
@thecryptofiend thanks a million for your support, i refresh the link to the post and had to refresh again.... thanks a million, i really appreciate it... it encourages to keep producing good content.... once again thank you
No problem it is a good post. Also nice to see that I am not the only one who has been thinking this.
yes, I am hoping for a pull back that I can catch
Me too. Best to buy when it dips rather than on a peak.
Certainly that's my philosophy now I had to learn that the hard way
I would go back to 2010 and bought 100.000 bitcoins :')
Or more if possible!
From our talks way back, you may remember my love for the LTC. I have a love in my heart for this coin man LOL.
I've blogged on it so much, it is about time for another one.
Did you see my pizza post today with The Statist?
If you get time and want a laugh, have a look, least I can do is give you a laugh!!!
Great post 👍 just shared it with my followers on twitter.
Thank you!
@theCryptoFiend... Excellent analysis which provides plenty of Food-For-Thought...
Thank You 4 creating this Post !!
Please consider listening to what I think is an excellent/balanced analysis of LiteCoin that I posted 5 days ago when LiteCoin was much lower in price... Thanks Again CryptoFiend !!
https://steemit.com/bitcoin/@sacred-agent/balanced-well-thought-out-analysis-of-litecoin-watch-this-one-you-ll-be-glad-you-did
Will do.
Thank You... that means a lot to me because I'm new and still have much to learn.
Thank You CryptoFiend !!
NP:)
just read the news. Maybe litecoin is replacing btc now.
http://www.businessinsider.com/a-99-million-litecoin-trade-took-just-25-minutes-and-cost-040-2018-4
To put it very simply bitcoin just sucks. What is one thing bitcoin can do that any other currency can't do besides provide liquidity in trading? Eventually every coin will be liquid as markets are decentralized. So the value of bitcoin depends entirely on centralized exchanges making all coins convertable to btc. Eventually coins will be exchanged without middlemen in decentralized exchanges where btc will have no advantage at all. People who claimed btc would go to $1M were right. Only problem is that by then everyone will be USD millionaires after the dollar collapses.
I hope so but I think for sentimental and historic reasons Bitcoin may always be the top coin.
Voted Yes, in your poll BTW.
--
Disclaimer: I am just a bot trying to be helpful.
Thanks!
Interesting and maybe the best coin has yet to make it to the head table. I couldn't d find that magic ball this morning. I wish I knew so I could ride that amazing wave.
:)
it takes a lot of time. but it is possible
Yes.
That my friend was a very interesting article cheers
Thank you!
Great Post.. I can see the Childhood of Bitcoin in the face of Litecoin
Nice way to put it!
:) Thanks
Agreed! :)
I think Ethereum will replace Bitcoin
It is possible but I personally think unlikely. Plus ethereum has it's own issues.
Short and sweet, well said.
Ethereum was NOT meant to be used as a currency, but rather the gas by which to run smart contracts. Perhaps look at one of the many assets created on the ETH blockchain that has been designed specifically to be a currency.
First off, I totally agree that the "flippening" won't happen and doesn't even make complete sense. It would be great if Litecoin could keep innovating, and pushing Bitcoin to stay on it's toes in regards to scaling and security. Exciting times for sure. :)
Definitely!
Ethereum is facing some problems recently, it has seen panic selling twice this month
https://steemit.com/ethereum/@tejbindersingh/crypto-ethereum-sat-on-a-wall-crypto-ethereum-had-a-great-fall
https://steemit.com/ethereum/@tejbindersingh/panic-selling-in-ethereum-again-2017621t152654435z
however i believe it always comes back strong, ethereum has a bright future but nothing i believe can replace bitcoin
I agree.
Great article! I saw this Petition today on change.org & thought it would be good to share out.
Attempt to Enable Litecoin & Bitcoin Payments on Amazon
https://www.change.org/p/jeff-bezos-amazon-com-should-accept-bitcoin-and-litecoin-cryptocurrency-as-payment-methods-asap?recruiter=738410767&utm_source=share_petition&utm_medium=copylink&utm_campaign=share_petition
It will never happen though. People have been trying forever. Amazon likes to control things themselves. If they had an interest in blockchain they would make their own currency (which they controlled) and would use that.
Obviously something like Reddcoin doesn't stand a chance unless Facebook or Twitter adopts them, unless they can build an independent platform similar to this. And like you said, they would make their own currency and would use that.
I dont think Reddcoin ever had a chance.
Litcoin as we speak grows steadily ...since it still has a lot of avenue to grow as far as market cap is concerned, the price is likely to fluctuate....however litecoin doing what Bitcoin did over the span of last five years is anybodys guess....
We just received news about a mysterious 'Litecoin Project' announced by MIT: https://steemit.com/bitcoin/@sarcastic-me/litecoin-sees-increased-development-amidst-surging-price-rally
I am just speculating here, but could this announcement with a deadline of 1 August 2017 - Bitcoin Fork Date - have something to do with the recent addition of 'Lightning Network' (LN) code to Litecoin? What I am thinking of is a big surprise announcement of a complete and functional LN app of Litecoin working seamlessly on top of Bitcoin, thus taking the transaction load of the Bitcoin network? I am not technical enough to understand whether this would work and how it then is supposed to work.
But it would be great if a working solution would sweep away the whole scaling debate for some time, all by these clever MIT guys.
Yes I will need to look into it. Thanks for the link.
I agree with your point that Bitcoin brings legitimacy to Cryptocurrency as a whole, especially since most people don't even know that other Cryptocurrencies exist, nevertheless how many there are. In addition, Bitcoin has been around for a long time and has proof that it can weather through hard times and has a history of constant increase. I believe that both will exist but Litecoin will exist as a "cheaper Bitcoin" to those unfamiliar with Cryptocurrencies.
I agree.
@thecryptofiend i dont think so ltc pretty old coin and yet it didnt show growth like ETH eth so younger then ltc and the growth is phenominal there will be a day when etherium will surpass the btc but i dont see any chance of ltc doing sso
True but bitcoin is the oldest.
Yeah i was comparing it with eth
But xrp was developed back in 2004 who knows the dark secrets cryptoes
Wow I didn't realise that XRP development went that far back.
Take a look at my blog bro
#follow #upvote
This is spam and will get you flagged.
Sorry dude didnt knew about dt m just 1 week old
Hard to say with crypto, a new coin could always come out with better features that we've never dreamed of :)
Yes it is possible.
I think Litecoin is my next stop, it's scaling high.
Yes I think it is probably a good buy either way (long term).
It should be a good buy for long, especially if considering the issues Bitcoin experiences, people would opt for the "next best thing"
Yes and I think it is already happening. People may use bitcoin for a long term store and Litecoin for quick transactions.
Litecoin won't do it, However if a new great coin gets introduced that may be another story
Ethereum was one of those coins, and well, its lightyears beyond ltc already, and that will happen again (and again ... and again)
Ethereum is a completely different thing to Litecoin though and to be frank it has it's own problems right now with scaling.
yeah, but i think btc is too big to be replaced by basicly the same thing - unless something really unexpected happens and btc goes to near 0
but: could be wrong of course :)
I agree - we will have to see.
Insightful post @thecryptofiend - LTC does likely have a coveted place in the cryptosphere... XEM also seems to be a sleeping giant of sorts. Regarding this flippening, both chains have shown they cannot handle mass adoption yet which is an important technical hurdle which will likely be overcome in due time. For now, it's like watching a boxing match I suppose. http://flippening.watch
Thank you. Yes both ethereum and bitcoin have issues.
Bitcoin the best! lite it like bitcoin only for poor people
There are more poor people though so if they start using it, it could take off substantially.
I believe the low max supply of coins will help its value increase over time
For Bitcoin you mean or Litecoin?
Well both really, but mainly Litecoin since I beliee its very undervalued compared to ETH and BTC
OK.
Litecoin is a testbed for bitcoin. Its easier to have change in Litecoin and while it has had success the nature of bitcoin is how it cannot be abused and that's why Litecoin will not surpass bitcoin.
I agree.
Thanks
I agree with the analogy, but hesitate to call it a test bed. I can see Bitcoin being used for large transaction amounts, while everyday purchases being made with Litecoin. To me, it's silly to buy a coffee with bitcoin and the long transaction time. I wonder if the two might not be tied together at some point. Sort of like a meter is to a kilometer or other similar (times 10, 100, etc) relationship.
I agree it won't replace BTC
It will be more like Ethereum
I don't think ethereum will replace it even if it takes the no. 1 place in the market.
Besides, what I find rather frustrating about ETH is the "gas money" it requires, meaning that it is not good for micro-transactions, but LTC and DOGE are welo known cryptos that can handle micro-transactions.
Recently the amount of gas needed has been rising sharply. Those crazy ICOs don't help.
Even the Delta Exchange (The ETH based trading platform) requires gas for every action done, so, from my side, ETH is only good when I trade it for BTC - not for any other thing. I wouldn't even use ETH for ICOs, any other alternative will definitely do.
The ICOs are making it unuseable when they happen!
There lots of support now signalling for Segwit. Once implemented Lightning Networks can follow and this should allow Bitcoin to start to operate as digital cash in countries that support it (i.e. Japan) with small payments and low fees.
i think it will be a tough race
Litecoin is definitely worth investing in, I think it is one of the coins with a real furture
Agreed.
With a name like "Lite" coin, it doesn't stand a chance to overtake bitcoin. If it was called "Super" or "Heavy" coin, then maybe.
There were Super and Heavy coins back in 2014 :)
Oh wow. There were too early for their time....could you imagine how much they would raise in an ICO today just for the name alone?
Well there were very few ICOs in those days it was all about mining then. These days you would need some kind of specific use case for an ICO, those were just coins with new names and a different mining algorithm. Functionally they were no different to bitcoin or litecoin.
I am actually quite convinced that something will replace bitcoin - if not this year, then the next one. And my reason is a very simple one:
BTC was born in and lives in a high tech environment, but it has given up on leading in innovation. It's large network won't save it from that.
I have no idea what will replace BTC, but considering how much division there is within it's community, I highly doubt it will change pace.
My thoughts on who would be a likely candidate: A feeless or allmost feeless blockchain. If there is a way to not pay a middleman, with usability and convenience being equal, why would a majority of people, who have no preference to a community/technology/or anything take the option with fees?
Interesting. It is certainly possible. We don't know the future.
Of course not, might be completely wrong and kicking myself next year ;) All one can do is base ones decision on available information and that is necessarily subjective. Either way, it's gonna be exiting.
Yes!
no dude its almost impossible Litecoin will replace Bitcoin but maybe Ethereum
in some time in future but could not beat bitcoin i think
Probably.
I'm invested! Nothing but love!
Cool.
Thanks for sharing your informed opinion with us! Upvoted and resteemed!
Thanks!
thank you for sharing
You're welcome.
Same I don't think LTC will replace BTC. Definitely not in the near future, but I think eventually a few other coins have a chance at it. Since there are a lot more efficient coins out there with great services.